AMC has closed its theaters through to the end of June but is expected to detail its reopening plans during an analyst call
The movie theater chain, which expects to be"fully open globally" by July as it reopens, risks not surviving the coronavirus pandemic over high debt and liquidity concerns.
The adjusted per share net loss for the first quarter was $2.22, against a year-earlier 98 cents. Total revenue for the first quarter was $941.5 million, against a year-earlier $1.2 billion. "AMC remains the highest risk in the exhibition space given its high debt and low available liquidity, resulting in a higher probability that the company will need to restructure," Wedbush analyst Michael Pachter said in a June 8 investors note.
Aron told analysts on a conference call that he expected film-lovers to return to their local multiplex post-lockdown out of an "appreciation of communal experiences." And he was upbeat about the company's future prospects, whatever its immediate challenges. AMC will initially open with classic movie screenings, like rival circuits, but go quickly to new Hollywood tentpole releases. "Our attendance and our revenues will be much more lush on the new movie releases, rather than playing the repertory product," Aron said as his theaters open in July, ahead of theMulan
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